This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when … working as lender of last resort for the euro area member States; indeed, only when the ECB took this responsibility by … launching the Outright Monetary Transactions clear signs of improvement were observed in the sovereign debt crisis. …

economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and … then the busts including Sudden Stops in capital flows; the strong interaction between sovereign debt and domestic banking … Latin American audiences. For those Euro-zone countries that built up large Euro-denominated external liabilities, Latin …

and the exchange rate and inflation, and (2) interactions between the current account, debt accumulation, and the goods …

elsewhere. It argues instead that Europe had not only contributed handsomely to the buildup of global imbalances since the 1990s … homemade intra-Euroland and intra-EU imbalances, the simultaneous implosion of which has further aggravated Europe … inherited from Germany's mercantilist past and Bundesbank mythology. Steps toward a fiscal union to back the euro are also …

aggregate debt loads are rendering monetary- and fiscal policy-impaired governments and segments of society insolvent and …

euro and the other major international currencies. …

In response to our paper, 'ECB monetary expansions and euro area TARGET2 imbalances: a balance …

maintaining financial stability in the euro area by providing vast liquidity support to commercial banks that are operating in … centrifugal forces become that ultimately might break up the single currency. Instead of a fiscal union, a euro …

lessons from the financial crisis and global recession were being drawn, while concerns about Greece's government debt … problems were threatening to spread to other countries within the euro area, with potential negative repercussions for the euro …